Wall Street shares end mixed
US Industrial production data cheers; home stats disappoint
FTSE 100 at record close
Trump coming under pressure to explain himself over information sharing with Russians
US shares ended the day mixed as investors considered more corporate earnings, housing stats and as president Donald Trump faces more pressure to explain why he revealed intelligence information to Russian officials last week.
The Dow Jones closed down 2.19, recouping some earlier losses, at 20,979.
The S&P500 finished down 1.65 at 2,400 but the Nasdaq bucked the trend however, closing up 20 points at 6,169.
In Toronto, the TSX, closed over 86 points lower at 15,543.
Meanwhile in London earlier, FTSE 100 ended at a new record high of 7,523, despite rising inflation figures revealed today.
In the latest controversy, surrounding the president, who has been at the White House now just a little over 100 days, US lawmakers, including some fellow Republicans, are putting him under increasing pressure to explain himself.
Reportedly, Trump discussed intelligence about Islamic State with the Russian foreign minister and ambassador Sergei Kislyak last Wednesday.
Trump took to Twitter to say he had an "absolute right" to share facts with Russia.
2.30pm Mixed at mid-session...
US shares were mixed at mid-session as traders mulled over more earnings, housing stats, industrial production data.
Sentiment was dented after stats showed that the building of new homes in the US fell for a second straight month last month, falling 2.6% - the lowest level of activity in five months.
The Dow Jones Industrial Index, having been ahead at the open, is down 10.61 at 20,970, while the tech heavy Nasdaq is up almost nine points at 6,158.
The broader based S&P 500 is down 3.8 points at 2,398.
US crude - West Texas Intermediate - has also taken a turn lower after several days of rises - down 0.25% to US$48.73 a barrel.
In company news Ford (NYSE:F) shares drove 0.23% lower after reports emerged that the US carmaker was planning to cut 10% of its global workforce.
The “people efficiency actions” – first reported in The Wall Street Journal – are part of the company’s plans to save US$3bn this year.
In retail, Dick's Sporting Goods (NYSE:DKS) slumped over 14% to $40.79 after it reported quarterly results that missed analysts' expectations.
Home Depot (NYSE: HD) shares added almost 1% as it beat expectations for profit and revenue in the first quarter and raised its profit outlook for the year.
Akebia Therapeutics Inc (NASDAQ: AKBA) added 18.25% to $15.25 as the firm with Vifor Pharma reported an exclusive license agreement to provide vadadustat to Fresenius Medical Care dialysis centres upon the FDA approval.
10am- Wall Street starts higher
US stocks started higher, reaching new intraday highs, as traders greeted positive industrial production figures.
Overall April industrial production was up 1% against consensus estimates of 0.4%, which was the fastest pace in more than three years as manufacturers and mines recovered from the downturn in March.
The figures came from the Federal Reserve as, on the wider front, the fall-out continued on President Trump and what he said to the Russian Foreign Minister last week.
Reportedly, he passed along to Russian officials last week sensitive intelligence from a US ally that may jeopardize intelligence-sharing agreements. But he has defended his information sharing.
McMaster won't deny Trump revealed the intelligence source city to Russia in a meeting last week. pic.twitter.com/sIHc4vyvu4
— HuffPost (@HuffPost) May 16, 2017
The Dow Jones is up almost 42 at the time of writing, at 21,023; the S&P500 is 1.71 ahead at 2,404. The tech heavy Nasdaq is up 11.74 at 6,161.
In Toronto, the TSX is up over 28 points to stand at 15,658.
The biggest laggard on S&P500 was Staples (NYSE:SPLS), which was down 4.51% to $8.90 after its first quarter performance disappointed.
A big gainer was Home Depot (NYSE:HD), which added 1.96% to stand at $160.41 a share.
The DIY superstore Home Depot Inc (NYSE:HD) beat forecasts for both earnings and revenues in its latest quarter as spending on the home and garden bucked weak retail trends elsewhere.
Craig Menear, chief executive, said growth had been broad–based and in all geographies.
8.20am - US shares set for higher start
US shares are set to continue higher after a strong run yesterday, which saw the Nasdaq and S&P500 reach new record highs.
It comes as investors await a new batch of earnings reports and data from the Fed on US industrial production, which will be closely watched to see if it gives any clue on the timings of further rate rises.
There is also a new furore erupting over what 'classified' information president Donald Trump may have shared with the Russian foreign minister last week.
In the UK, FTSE 100 is also powering onward - up 56 at 7,510 a new data showed that the cost of living continues to rise with inflation up to 2.7% last month against the backdrop of the start of Brexit negotiations.
On Monday on Wall Street, the Dow Jones closed 85 points higher at 20.981, while the S&P500 added 11 to stand at 2,402. Meanwhile, the Nasdaq gained 28 points to stand at 6,149.
In futures today, the Dow Jones is up 35; the Nasdaq is 7.5 points ahead, while the S&P500 is 2.6 points ahead.
In company earnings, retailers are in the frame. Home Depot (NYSE:HD) will report before the bell and shares have already risen 17% this year.
Staples (NYSE: SPLS), Dick's Sporting Goods (NYSE: DKS) and Urban Outfitters (NYSE: URBN) are also in the frame.
US crude continues to firm - with West Texas Intermediate (WTI) up 0.7% to $49.19 as the market is buoyed by the potential extension to the output cut.